Nasdaq Nausea?  

Wednesday afternoon starts a 24-hour period where 3 of the 7 largest companies on the planet will report earnings. It is always wise to keep some powder dry during this time. No one knows what is going to happen and I think by the end of the week we shall have some more clarity as to the direction for the next few months. How will META GOOGL and MSFT react? On the WEEKLY Nasdaq chart, it recently recorded just its second bearish MACD crossover since late 2022 and the last one in August 2023 saw a 2000 handle decline from roughly 14500 to 12500, a drawdown of 14%. Will this one duplicate that? Who knows but one can see that it eventually found cushion at its rising 50 WEEK SMA last October before the very spirited run following a bullish morning star pattern. Notice that the line currently sits near 14500 but will travel higher as time goes on and there is no certainty that it will even make contact with the moving average. Again I think better risk/reward bets will come Friday afternoon when all the dust has settled. 

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